Panama's Ministry for the Presidency will on Monday present a deal to the National Assembly that would see a Del Monte subsidiary invest more than US$100 million in banana production. 

Local media Panama On reported the contract would involve Banapiña de Panama 'reviving' banana-producing areas in Chiriqui and Bocas del Toro.

The story said the investment would be made over at least seven years, creating some 3,100 direct jobs and 12,000 indirect jobs.

The project will be implemented at a rate of 800 hectares per year, with an annual average per-hectare productivity of 2,725 boxes expected.

The contract establishes the lease of land, its conditioning for agricultural activities for bananas, the installation of an irrigation system, the construction of infrastructure for the packing and export of fruit, and any other improvement needed.

The contract will last for 20 years and will be automatically renewable for the same period of time under the same terms and conditions, except for tax exemptions, which must be reviewed by the State.

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